What is a Bank Statement?How Does a Bank Statement Work? How Long You Keep Your Bank Statements. Difference between Electronic Bank Statement & Paper Bank Statement

A bank statement is your document made by bank each month.Bank Statement show all the income and spending related to account.Generally bank statements include the following information

  • Information about the bank, customer service number and instruction for reporting mistakes and scams.
  • Personal identification like of bank account number, address and number.
  • The balance for both start and final of statement duration
  • All the withdrawals from your account like transfers,ATM withdrawals, bank fees and automatic payments
  • All of deposits into your account including checks transfers, payments, reimbursements and direct deposits
  • The period of time covered by your statement covers a month

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Electronic Bank Statement vs Paper Bank Statement

Various Bank allow you to opt how you desire to receive your bank statements.You can receive an electronic bank statement to your account or paper statement in the mail.To get your electronic bank statement you must log in to your account and search for a bank statement navigation items.It is possible to save as a PDF on your computer or print it out.For paper statement some bank charges a fee.

How does a Bank Statement Work?

A bank statement is designed to show you accurately about your account during the previous month.It shows your expenses and spending.If you notice any mistake on your bank statement you should report them to your bank. Typically you have 60 days to counter any fraudulent thing.

Bank Statement initiate by grouping all deposits together giving you an idea what is coming into your account during the previous month.Your summary will show your balance at the start of the month, deposits are added and withdrawals are made. The Bank Statements will go on to watch transaction you involved in along with amounts, dates and payees.

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